FSCA updates public on JP Markets liquidation application at High Court

The Financial Sector Conduct Authority (FSCA) previously reported that it filed an urgent application with the High Court to liquidate JP Markets SA (Pty) Limited. The application was enrolled for 11 August 2020 and stood down to 12 August 2020.

The Court has ordered that the matter will stand over to 25 and 26 August 2020 for hearing. The judge indicated that the intricacy of the facts and the intervention of an amicus intervenor who claims to represent 300 creditors, justifies that a special allocation for the case.

The FSCA informs the public that the FSP license of JP Markets remains suspended and that JP Markets are not permitted to conduct any financial services. The order that was granted by the Court on 12 July 2020 is still in effect. This means that JP Markets may not transact on any of its bank accounts pending the hearing and finalisation of this matter, except the consent of the FSCA or the court.